A steep fall takes Sensex to its lowest level in more than 13 months

Mirroring weakness in global stocks, key equity benchmark indices in India traded with steep losses in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was off 563.79 points or 2.19% at 25,200.99. The 50-unit CNX Nifty was currently down 174.25 points or 2.23% at 7,648.75. The Sensex hit its lowest level in more than 13 months when it plunged 608.73 points at the day's low of 25,156.05 in intraday trade. Nifty hit its lowest level in more than a year when it plunged 186.95 points at the day's low of 7,636.05 in intraday trade.

In overseas markets, European shares fell in early trade on global growth worries. Asian stocks were in red on caution ahead of the influential monthly US job data for August 2015. The job data could be a key factor for the US Federal Reserve on its decision whether to raise interest rates at its two-day monetary policy meeting which begins on 16 September 2015.

Closer home, the broad market depicted weakness. There were more than five losers against every gainer on BSE. 2,081 shares declined and 369 shares rose. A total of 77 shares were unchanged. The BSE Mid-Cap index was off 2.52%. The BSE Small-Cap index was down 2.94%. The decline in both these indices was higher than Sensex's decline in percentage terms.

In sector trends, FMCG shares declined. Bajaj Corp (down 4.07%), Godrej Consumer Products (down 3.21%), Tata Global Beverages (down 3.15%), Procter & Gamble Hygiene & Health Care (down 2.64%), Britannia Industries (down 1.76%), Colgate Palmolive (India) (down 1.49%), Marico (down 1.37%), Hindustan Unilever (down 1.01%), Nestle India (down 0.58%) and Dabur India (down 0.39%), edged lower. GlaxoSmithKline Consumer Healthcare (up 0.03%) and Jyothy Laboratories (up 4.64%), edged higher.

ONGC was down 2.38% to Rs 224. The company announced during trading hours today, 4 September 2015, that its wholly-owned subsidiary ONGC Videsh has signed definitive agreements to acquire up to 15% interest in Vankor oil field in Russia. ONGC Videsh will acquire 15% stake in CSJC Vankorneft which owns the Vankor field and NorthVankor license. Russian oil giant Rosneft Oil Company currently holds 100% shares in Vankorneft. The acquisition is expected to close by mid of 2016.

Vankor is Rosneft's second largest field by production and accounts for 4% of Russian oil production. The daily production from the field is around 442,000 bpd of crude oil on an average with ONGC Videsh's share of daily oil production at about 66,000 bpd.

Index heavyweight and housing finance firm HDFC was down 2.63% to Rs 1,141.20.

Index heavyweight and IT major Infosys was down 2.63% to Rs 1,071.70.

Index heavyweight and oil refiner Reliance Industries (RIL) was down 2.11% to Rs 835.70.

Index heavyweight and engineering & construction major L&T was down 1.89% to Rs 1,536.50.

Amtek Auto slumped 5.71% to Rs 29.75, extending yesterday's steep slump. The had stock slumped a staggering 34.81% to settle at Rs 31.55 on BSE in a single trading session yesterday, 3 September 2015. In bulk deals on NSE yesterday, 3 September 2015, Barclays Capital Mauritius sold 12.16 lakh shares in the counter at Rs 36.50 per share. Swiss Finance Corporation Mauritius sold 27.38 lakh shares in the counter at Rs 35.88 per share.

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